The Euro's Right Turn

Updated April 26, 2002 12:01 a.m. ET

Four years ago in Europe, only Spain and Ireland were led by right-of-center political parties. But by the end of this year Sweden, Belgium and Greece may be the only left-wing governments remaining of 15 in the European Union. We'd like to offer a two-word explanation for this remarkable swing: the euro.

This is heresy in Europe, where both the right and left have predicted that a common currency would produce a new socialist era. Blood-and-soil Tories in Britain have used that line to justify staying out of the euro...